The reporting period
This brief uses East Japan REINS Quarterly Market Watch for April–June 2026. The geography is the metropolitan region—Tokyo, Kanagawa, Saitama and Chiba—and the segment is used condominiums. Data are current through 30 June 2026.
It is not a calendar-year result. The title uses “year to date” for search clarity, but the quantitative claims below belong to the second quarter and its stated year-on-year comparisons.
The second-quarter table
| Measure | April–June 2026 | Reported comparison |
|---|---|---|
| Completed sales | 11,853 | -2.0% year on year |
| Completed price per m² | JPY 831,300 | +0.3% year on year |
| Average completed price | JPY 52.01m | +0.2% year on year |
| Average completed area | 62.57 m² | current-quarter average |
| Average completed age | 27.70 years | current-quarter average |
| Inventory at quarter end | 45,995 | +3.5% year on year |
The combination differs from the strong annual price increases recorded through 2025.
Pricing was approximately flat year on year
Price per square metre increased only 0.3% and average price 0.2% from the same quarter a year earlier. Both also declined from the previous quarter—3.6% and 5.3%, respectively—but quarter-to-quarter comparisons can be seasonal and composition-sensitive.
The evidence supports describing second-quarter completed pricing as approximately flat year on year. It does not prove a lasting reversal, a full-year outcome or a uniform change across subregions.
Volume fell while inventory rose
Completed volume was 2.0% lower than the same quarter of 2025, while quarter-end inventory was 3.5% higher. That can indicate a less tight balance, but the table alone does not establish seller urgency or future prices.
Remember that 2025 completed counts are affected by the earlier system modification warning. Use matched local evidence and current marketing history when translating regional conditions into an offer.
Asking pools are not completed discounts
The report showed JPY 1,141,100 per m² for new registrations and JPY 1,165,400 for inventory, compared with JPY 831,300 for completions. Those gaps are roughly 37% and 40%. They are not average negotiation discounts.
The pools differ by geography, age, size, quality, seller expectation and timing. The valid conclusion is that recorded visible supply carried a much higher average unit price than the completed pool. Only matched properties reveal an attainable discount.
The transacted stock was older
Average completed age was 27.70 years, above the 26.58-year annual average in 2025 and far above 21.99 years in 2020. Cross-period differences remain composition-sensitive, but the direction makes building governance and capital planning central to current acquisition work.
Higher price paid for older stock is not inherently irrational. It raises the cost of failing to verify repairs, reserves, seismic evidence and unit condition.
What to watch next
Track later quarterly and annual REINS releases for completed price, volume, inventory, area and age under consistent definitions. Watch subregional dispersion rather than one metropolitan average. For institutional market context, update population, construction and rental evidence with its own dates.
Do not call the year before it ends. A disciplined current-page update should append later observations, preserve the June snapshot and explain any methodological revision.
Decision use and limits
For a live property, define the completed peer set, current competing listings, seller history, building evidence, sustainable rent and finance. Use the regional quarter to calibrate the environment, not to set value.
These figures are nominal averages and do not control for property characteristics, inflation, tax or currency. The 2026 page should be revised after full-year data are published, never silently rewritten as though June contained December.
Primary sources
- East Japan REINS — Quarterly Market Watch, April–June 2026: https://www.reins.or.jp/pdf/trend/sf/sf_202604-06.pdf
- East Japan REINS — 2025 metropolitan property market report and system note: https://www.reins.or.jp/pdf/trend/sf/sf_2025.pdf
- East Japan REINS — Market trend report library: https://www.reins.or.jp/library/trend/
Figures reviewed and transcribed 23 August 2026. Latest observation: quarter ended 30 June 2026.
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